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so why does it still take me 3+ business days to move money between banks? I assume it's just because they use that float to make money, but it still sucks. i f

so why does it still take me 3+ business days to move money between banks? I assume it's just because they use that float to make money, but it still sucks. i for one like transactions clearing in a few seconds rather than a few days.

joosters 6y ago
It's because you don't live in the EU. Millions of people have had instant money transfers for years now.
- mettamage 6y ago
  But this is the power of bitcoin right? Now I can live in South America and get near-instant (crypto)currency transfers as well.
  - badestrand 6y ago
    That's not really a unique value proposition, as there are PayPal (and probably others) for many years already. And PayPal is free for private transfers, compared to BitCoin's ~$5/transaction.
    - mettamage 6y ago
      I wonder if everyone has access to that. And for the people that don't, I wonder if they have access to bitcoin.
  - short_sells_poo 6y ago
    In fact what parent is saying is that fast transaction speeds are not something that are solely enabled by bitcoin. There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure. In fact, among the interesting properties of Bitcoin, I'd rate transaction speeds as the least relevant - chiefly because network throughput and transaction speed is actually pretty poor if you compare it to what is achievable with classical tech.
    - ZephyrBlu 6y ago
      > There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure This is one of the reasons crypto is a great solution though. You don't have to rely on institutions for the infrastructure.
    - mettamage 6y ago
      > There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure. I agree that there's no technical reason. For example, "crappy infrastructure" is an economic reason why fast bank transfers wouldn't work. I'm evaluating bitcoin as a political/economic tool.
- JxLS-cpgbe0 6y ago
  Some wire transfers are instant and they are much more expensive than BTC or ETH
  - notreallytrue 6y ago
    But then the money is immediately available and I can buy a new pair of shoes with it Honestly, how much money one needs to move that the cost of the operation actually matters?
- ravingraven 6y ago
  I live in the EU. I don't have instant money transfers (they are within the day but not instant). Across EU countries it still takes days.
  - thesimon 6y ago
    Wrong banks then. I can instantly transfer money between my accounts in Ireland, Portugal, Germany, Latvia, Belgium and The Netherlands.
notreallytrue 6y ago
For the same reason you vote for the president in October and the guy is actually elected in January

joosters 6y ago

It's because you don't live in the EU. Millions of people have had instant money transfers for years now.

mettamage 6y ago
But this is the power of bitcoin right? Now I can live in South America and get near-instant (crypto)currency transfers as well.
- badestrand 6y ago
  That's not really a unique value proposition, as there are PayPal (and probably others) for many years already. And PayPal is free for private transfers, compared to BitCoin's ~$5/transaction.
  - mettamage 6y ago
    I wonder if everyone has access to that. And for the people that don't, I wonder if they have access to bitcoin.
- short_sells_poo 6y ago
  In fact what parent is saying is that fast transaction speeds are not something that are solely enabled by bitcoin. There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure. In fact, among the interesting properties of Bitcoin, I'd rate transaction speeds as the least relevant - chiefly because network throughput and transaction speed is actually pretty poor if you compare it to what is achievable with classical tech.
  - ZephyrBlu 6y ago
    > There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure This is one of the reasons crypto is a great solution though. You don't have to rely on institutions for the infrastructure.
  - mettamage 6y ago
    > There is absolutely no technical reason why transfers have to take days between banks. That's just down to the banks in your country having a crappy infrastructure. I agree that there's no technical reason. For example, "crappy infrastructure" is an economic reason why fast bank transfers wouldn't work. I'm evaluating bitcoin as a political/economic tool.
JxLS-cpgbe0 6y ago
Some wire transfers are instant and they are much more expensive than BTC or ETH
- notreallytrue 6y ago
  But then the money is immediately available and I can buy a new pair of shoes with it Honestly, how much money one needs to move that the cost of the operation actually matters?
ravingraven 6y ago
I live in the EU. I don't have instant money transfers (they are within the day but not instant). Across EU countries it still takes days.
- thesimon 6y ago
  Wrong banks then. I can instantly transfer money between my accounts in Ireland, Portugal, Germany, Latvia, Belgium and The Netherlands.

notreallytrue 6y ago

For the same reason you vote for the president in October and the guy is actually elected in January